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Fraud Feed

Watch out for tricks when you sign up for a lease

Some companies hide fees and terms in contracts when you lease a product. Tempoe, an Ohio-based nonbank consumer finance company, offered financing to customers at retailers such as Sears and Kmart. Usually, consumers were offered Tempoe’s financing after being rejected for financing at a retailer. Read more →

How to get fair insurance treatment after Hurricane Idalia

Policyholders are entitled to receive their claims payments under the terms of their insurance policies, and insurers shouldn’t delay or mistreat consumers. Many victims of Hurricane Idalia will be underinsured and uninsured for flood damage. There will be big fights over whether the damage was caused by wind versus flooding. Read more →

Google agrees to a preliminary settlement of anticompetitive charges with states on its Play Store

Google has reached a tentative settlement with the attorneys general from 50 states, the District of Columbia, and Puerto Rico on one of three major antitrust lawsuits against the company for its anticompetitive conduct in the Google Play Store. In July 2021, 37 attorneys general filed a lawsuit against Google. Read more →

Today is the deadline to file a claim in the Facebook privacy lawsuit settlement

Time is running out if you want to get in on a big Facebook settlement. If you were a Facebook user in the United States between May 24, 2007, and December 22, 2022, you may be eligible for a cash payment from a class action settlement of $725 million. Today, Aug. 25, is the deadline to file a claim. Read more →

Asked to pay for help with your student loans? Don’t do it.

If someone tells you that you need to pay to sign up for government student loan debt relief program, run away as fast as you can. Scammers want to hook you and fill their pockets with your money, while their “advice” may make your student loan problems worse. The FTC offers the following tips for how to spot scam companies: Read more →

USASF Servicing illegally disabled vehicles and double-billed consumers, financial agency charges

USASF Servicing is being charged with illegal practices that harmed consumers with auto loans including disabling vehicles, improperly repossessing vehicles, double-billing for insurance premiums, and failing to return millions in refunds, according to a lawsuit. The CFPB is seeking to return money to consumers, impose penalties, and stop future violations. Read more →

Unfair, deceptive, and abusive practices are being used in many financial transactions, agency finds

American companies are using unfair and deceptive practices as they sell many consumer financial products, the CFPB said in a report. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in illegal collection practices while servicing these loans. Read more →

Biden continues to push agency efforts to curb junk fees, halt price gouging, and limit mergers

To help consumers, the Biden administration is cracking down on junk fees, price gouging on food, and mergers. President Biden announced the actions Wednesday the day before the fifth meeting of White House Competition Council, appointed in 2021. The council is made up of 10 cabinet members and the heads of seven agencies. Read more →

Bank of America to pay $250 million for illegally charging junk fees, withholding credit cards rewards, and opening fake accounts

Another big bank is being exposed for corporate fraud. Bank of America will pay more than $100 million to customers for double-dipping on fees imposed on customers with insufficient account funds, withholding reward bonuses promised to credit card customers, and misusing personal information to open accounts without customers’ knowledge. Read more →

Raymond James to pay $13 million for unreasonable fees following investigation by state regulators

Another large financial institution has been caught gouging customers. Raymond James agreed to settle allegations Tuesday with six state securities regulators for charging unreasonable commissions on trades that harmed investors. The broker-dealer will pay at least $8.2 million in refunds to clients, and $4.2 million in penalties and costs. Read more →